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LIC’s New Premium Income Soars 119% |
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Written by Ranganathan
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Saturday, 14 April 2007 |
LIC has recorded a massive increase of 118.6 per cent in its first premium income in 2006-07 at Rs 39,541 crore, as against Rs 18,085 crore in the previous year.
The company had caught a growth of 48.6 per cent in the previous year.
The largest insurer sold 3.82 crore policies in the recent year as compared to 3.15 crore policies in the preceding year.
According to a press release the pension and group schemes racked up Rs 11,282 crore premiums that showed an increase of 188 per cent versus the earlier year’s Rs 3,911 crore.
The chief group strategies captured by L.I.C. this financial include Mumbai Port Trust, SAIL and Vizag Steel Plant.
The company sold 5.8 lakh policies and collected new business premium of Rs 664 crore via banking institutions and other alternative channels.
Jeevan Madhur, LIC’s micro insurance product, which was instigated in September last year, comprehended 80,637 cheaply under-privileged people, said the release.
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